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Cards In This Set
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Voluntary consent may be lacking in situations involving mistakes of ______.
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Mistakes of fact
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What are the 2 types of stiuations which involve misakes of fact?
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1) unilateral mistakes2) multual (bilateral) mistake
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Fraudulent misrepresentation by one party inclues what elements?
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1) misrepresentation of a material fact2) intent to decieve3) innocient party relies on misrepresentation
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In order for someone to collect ($) damages from fraudulent misrepresentation.. what must they prove?
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That they have suffered harm
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Name the vocab term: Performance of a contractual obligation that may be contingent on a future event
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A "condition"
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If a required condition is NOT satisfied, parties are released from their obligations UNLESS...
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The condition is "waived" by the party whose performance is contingent on the condition
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How does a party discharge its contractual obligations?
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By performing the required duties
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Name the vocab term: Offering to perform and being ready and able to perform
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Tenders performance! And it is associalted with bilateral contract obligations
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Name the vocab term: Occurs when a party perfectly performs its contractual obligations
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Complete performance
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Name the vocab term: Occurs when a party in good faith performs its contractual obligations, and the other party get the benefits promised in the contract.
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Substantial performance
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What outcome will occur if one party girves substantial performance, but the other party does not?
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The party who performed their obligations are entitled to recover damages related to the imperfect performance
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Name the vocab term: ______ occurs if the promisor fails to give substantial performance
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Material breach
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Name the vocab term: a ______________ may suspend the non-breaching party's obligations for a period of time, bot does NOT ENTIRELY EXCUSE that party from performing
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A minor breach
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Name the vocab term: ____________ occurs when one party refuses to perform PIOR TO the time the performance is required
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Anticipatory repudiation
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An anticipatory repudiation is treated as what kind of breach?
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A materical breach (even though the time for the performance has not expired), which allows the non-breaching party to immediately sue for damages (instead of waiting until after the time for performanse has passed)
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